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Mortgage Choice Act and other regulatory relief bills pass committee

The House Financial Services Committee recently passed several bills related to Consumer Financial Protection Bureau (CFPB) rulemakings, including H.R. 685, the Mortgage Choice Act, which “aims to assist banks that originate mortgages through the wholesale channel by modifying the points-and-fees formula in the CFPB’s ability-to-pay rule,” Inside Mortgage Finance reports. H.R. 685 would remove “insurance and taxes held in escrow and fees paid to affiliated companies” from that calculation.

Other CFPB-related bills that passed included H.R. 1195, which “would create a small business advisory board to advise the CFPB, and would codify . . . the Credit Union Advisory Council and the Community Bank Advisory Council.” Three bills passed with strong support from both parties: H.R. 1259, the Helping Expand Lending Practices in Rural Communities Act; H.R. 1265, the Bureau Advisory Commission Transparency Act; and H.R. 1529, the Community Institution Mortgage Relief Act.

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